The 4-hour chart for SOL/USDT on Binance shows Solana trading at $149.60 with a decrease of 1.09% today. Let's break down the key points:
Trend Summary: SOL experienced a strong bullish trend since April 19, rising from $136 to a peak of $156 by May 1, a 14.7% increase. Since then, it has retraced and is consolidating between $148 and $152.
Support and Resistance: The level of $148 has acted as a reliable support, tested multiple times. Resistance is observed at $152-$153, with $156 being the next significant hurdle if the price breaks upwards.
Current Movement: The price is hovering around $149.6 after a recent drop from $156, indicating a possible consolidation phase before the next directional move.
Volume Analysis
Volume Trends: Volume increased during the rally from $136 to $156, showing strong buying interest. However, since the pullback, volume has decreased, suggesting a lack of conviction in the current consolidation. The Volume SMA confirms this, with no significant increases recently.
Short Term: SOL has dropped 0.55% today and 7.83% over the last 7 days, reflecting the correction from the $156 peak.
Long Term: The 30-day performance is strong at +19.49%, and the 1-year gain of 12.81% indicates a broader bullish trend despite the recent decline.
24-Hour Statistics: The 24-hour high/low is $153.99/$148.37, a range of 3.7%, with a trading volume of 2.71M SOL ($409.29M USD), which is moderate but not indicative of a strong trend change.
Bullish Scenario: A breakout above $153 with increased volume could signal a continuation of the bullish trend, targeting $156 and potentially $160 if momentum builds.
Bearish Scenario: If the $148 support fails, SOL could slide to $144 or even $140, where stronger support might come into play.
Key Levels to Watch: Support at $148, resistance at $153-$156.
$SOL